OPAL Fuels Inc.

After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. As a reminder, this event is being recorded. I would now like to turn the call over to Todd Firestone, Vice President of Investor Relations, to begin. Please go ahead.

Thank you, and good morning, everyone. Welcome to the Opal Fuels second quarter 2025 earnings conference call. With me today are co-CEOs Adam Camara and John Camara, as well as Qazi Hassan, Opal's chief financial officer. Opal Fuels released financial operating results for the first quarter of 2025 yesterday afternoon, and those results are available on the investor relations section of our website at opalfuels.com. The presentation and access to the webcast for this call are also available on our website. After completion of today's call, a replay will be available for 90 days. Before we begin, I'd like to remind you that our remarks, including answers to your questions, contain forward-looking statements which involve risks, uncertainties, and assumptions. Forward-looking statements are not guaranteed performance, and actual results could differ materially from what is contained in such statements. Several factors that could cause or contribute to such differences are described on slides two and three of our presentation. These forward-looking statements reflect our views as of the date of this call. NOFA Fuels does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date of this call. Additionally, this call will contain discussion of certain non-GAAP measures, a definition of non-GAAP measures used, and a reconciliation of those measures. The nearest GAAP measure is included in the appendix of the release and presentation. Adam will begin today's call by providing an overview of the court's results and recent highlights and an update on our strategic and operational priorities. John will then give a commercial and business development update, after which Kaz will review financial results. We'll then open the call for questions. And now I'll turn the call over to Adam Camora, co-CEO of Opal Fuel.

Good morning, everyone, and thank you for participating in Opal Fuel's second quarter 2025 earnings call. Second quarter results were in line with our expectations, and we are maintaining our guidance for the year. We are making solid progress on building our operating platform that will support continued growth of our RNG production assets and expanding network of fueling stations. Our business continues to show solid performance, giving us confidence we will continue to see operational improvements throughout the balance of 2025. Second quarter adjusted EBITDA was 16.5 million, 4.6 million lower compared to the same period last year, With this quarter's results impacted by a lower-end price environment, a reduction in renewable power earnings, and some non-recurring expenses that Kazi will discuss later. Key highlights from this quarter include production in our RNG fuel segment of 1.2 million MMBTUs, which is 33% higher versus the same period last year and in line with our expectations. Our second quarter fuel station services segment EBITDA was approximately $11.2 million, 30% higher versus the second quarter of 2024. We completed the sale of $16.7 million of Inflation Reduction Act investment tax credits generated by the Prince William RNG facility, which contributed to cash flow and earnings. These tax credits are not included in our adjusted EBITDA. In addition to our operating results, Opal Fuels was added to the Russell 2000, Russell 2000 value, and Russell 2000 growth indices. It is worth noting that according to Bloomberg, less than 20% of the Russell 2000 companies are included in both the growth and value indices, a testament to the platform and the growth we are delivering. Second quarter earnings also turned the corner for Opal, producing positive earnings per share. I want to shift topics and discuss the positive movement we've seen in the policy environment during the second quarter, with long-awaited clarity and bipartisan alignment supporting RNG through constructive tax policy. The passage of the One Big Beautiful Bill Act marks a pivotal moment for our sector, with policymakers on both sides of the aisle recognizing the extensive benefits from biomethane capture and its productive use. including economic growth and energy security, while also providing improvements to local air quality and methane abatement. Chief among its provisions is the definitive extension of the 45Z production tax credit for 2029, an improvement implemented by the current Congress compared with the provisions of the earlier Inflation Reduction Act. Although the new legislation still awaits final Treasury guidance and we have not yet recognized these tax benefits in our results, we now have visibility that these production tax benefits will contribute to EBITDA for at least the next four years. Landfill R&G could receive at least $2 per MMBTU of saleable tax credits. In addition, the investment tax credit program was left largely intact, and we continue to expect material ITC monetization over the next few years as new RNG projects come online. We do not yet have full clarity from the EPA with regard to its administration of the cellulosic D3 category within the renewable fuel standard or the agency's treatment of small refinery exemptions. On the positive side, it is constructive that the EPA is now engaged on finalizing these rules and that they are showing general support of American biofuels. Although we do not participate in the D4 and D5 liquid biofuels markets, we benefit from higher RVO mandates in these categories as they help support D3 prices. Industry is submitting their comment letters today regarding the proposed rule 2, and we look forward to further engagement with the EPA in discussing how RNG can promote both the EPA and the administration's broader policy objectives. One final note on public policy is the positive impact we expect to see for our fuel station services segment from the EPA's rollback of Phase III truck regulations, which no longer force zero-emission vehicles for heavy-duty trucking. There has been growing consensus that alternatives to CNG and RNG, such as hydrogen and electric solutions for heavy-duty transport, remain operationally and economically challenged. These developments mean more fleets are looking at CNG and RNG given it is a proven and cost-effective alternative to diesel. OPWL is allocating more capital to grow our fuel station services segment, which produces strong, predictable cash flow with low correlation to environmental credit prices. With policy clarity, OPWL as one of the largest owners and fastest growing operators of CNG and RNG fueling stations in the United States is well positioned to lead in this market. Despite a lower RIN price environment compared to last year, we expect to deliver operating and financial results in line with our guidance. We have momentum and we will continue executing on our growth plan with financial discipline. With that, I'll turn it over to John. John?